Cyprus would seek EU bailout money 'if necessary




An increase in domestic deposits of 50% in 4 years seems a wee bit odd. No?

I think those are the ones that there is discomfort about - when is domestic not domestic?


The weather girl has move to financial news… scorchio!


Domestic? … p/20100902

Add in Rusal CYpriot subsidiaries perhaps? … cut-2013-3

Read more:


The 400 EUR per day per account ATM maximum, credit control, continues.

BBC says some Cypriot businesses now refusing credit card payments, as some ATMs start to run low


With a significant delay in payment from credit card companies, you’d have to be mad to be still accepting the sale of goods when you might get paid back with devalued cypriot pounds when settlement is finally made.


Indeed, passing the local management test required is very easily done. A couple of relatively junior employees of the parent company from another jurisdiction signing and stamping everything and you have a paper trail that says management decisions are taken locally. I’d see a number of factors that drive the increase.

  1. Russia was hit hard by the 2008 crash so deposits of domestic subsidiaries of Russian holdings might have had lower cash balances at that point as a result but have climbed since as Russia recovered quickly.
  2. There is a lot of intermingling between Cyprus and mainland Greece and it is likely that money that moved from Greece to Cyprus when things started to go bad in Athens ended up being classified as domestic deposits in Cyprus.

Having said all that, if that chart shows in excess of €100b at the end of last year and there was only €68b left 11 weeks later that’s quite a run that’s already been going on.


A lot of those businesses may not have a choice.


Well the payments might be suspended in the merchant processors account for now but any transactions would be in Euros until such time there is a change and that might require a lot of hardware updates and new contracts for all parties concerned.

Most probably they need cash since they can not get at their bank accounts. I am presuming commercial accounts would normally have ATM cards. Their suppliers too would be looking for settlement in cash so the wheels of commerce need to be greased to keep turning.


Hilarious … dex_en.htm


Interesting take on what Russia might want: … th-russia/


Previously there was the Snoras bank run in Lithuania back in 2011.


Can we not offer them, the Russians not the Cypriots, Shannon and Foynes … quick like!


Россия и Европа собрались крупно поговорить ->

EU, Russian leaders to meet in Moscow -> … anguage=en

Merkel to Cyprus: ‘Talk to Troika not Russia’ ->

"Reflections and observations - Russian troops landed on Cyprus … " ->


Noon’s to Germnay, “Merkle Talk to Burgess!”


Businessmen have lost touch with the banks in Cyprus ->


According to a report that I heard on the radio recently, some 27,000 Russian citizens have become settled, or say “domesticated” to being living in Cyprus on a longer term permanent basis.
These could be Russians with money bringing it to Cyprus and spending it on coastal properties, local businessess, olive groves, tourist boats, rental properties etc.



Cyprus government ‘to present bailout plan B on Thursday’ ->


If Russia come to the rescue of Cyprus, they will have a trojan horse within the euro to do their bidding. While Putin could just relie on Europe to continually fuck up I can see the advantages in any deal regardless of how bad the Cyprus economy is.